Nigeria has come a long way so far in the aspect of currencies. There was a time when trade by barter was a means of buying and and seeing (giving what you have in exchange for what you need).
There was also a time when the currencies of the Colonial masters were the only means of income, but now, Naira is our legal tender.
In the year 1912 to 1959, the west African currency board was in charge of issuing currencies which included banknotes as well as coins. The currencies that were distributed then we’re Pence, Shillings and Pounds.
There was also a time when the currencies of the Colonial masters were the only means of income, but now, Naira is our legal tender.
In the year 1912 to 1959, the west African currency board was in charge of issuing currencies which included banknotes as well as coins. The currencies that were distributed then we’re Pence, Shillings and Pounds.
In 1959, the central bank of Nigeria (CBN) began the distribution of the Nigerian currency notes, and in 1962, the legal tender was changed again. As a war strategy, the currency was changed again during the time of the Nigerian civil war (1968). In 1978, Naira and Kobo became the official legal tender.
On this article today, I will be reminding you of the past, how currencies were changed from the Colonial era till date.
1. Trade by barter System :
During the time of our forefathers, the trade by barter System was used as a means of trade. People gave out what they had in exchange for what they wanted.
2. Cowries :
After the era of trade by barter, cowries were used as a means of payment to get what was needed by the people.
3. The Nigerian Shillings :
Between the year 1958 to 1959, the Nigerian Shillings was introduced but we no longer use it in this coun
There was also a time when the currencies of the Colonial masters were the only means of income, but now, Naira is our legal tender.
In the year 1912 to 1959, the west African currency board was in charge of issuing currencies which included banknotes as well as coins. The currencies that were distributed then we’re Pence, Shillings and Pounds.
In 1959, the central bank of Nigeria (CBN) began the distribution of the Nigerian currency notes, and in 1962, the legal tender was changed again. As a war strategy, the currency was changed again during the time of the Nigerian civil war (1968). In 1978, Naira and Kobo became the official legal tender.
On this article today, I will be reminding you of the past, how currencies were changed from the Colonial era till date.
1. Trade by barter System :
During the time of our forefathers, the trade by barter System was used as a means of trade. People gave out what they had in exchange for what they wanted.
2. Cowries :
After the era of trade by barter, cowries were used as a means of payment to get what was needed by the people.
3. The Nigerian Shillings :
Between the year 1958 to 1959, the Nigerian Shillings was introduced but we no longer use it in this country.
